The world crisis: the implications of globalised finance

Quah, Danny
(2009)
The world crisis: the implications of globalised finance.
IDEAS reports - special reports,
Kitchen, Nicholas (ed.)
SR001.
LSE IDEAS, London School of Economics and Political Science, London, UK.

Abstract

The term “globalisation” has survived its first significant sell-by date
in modern times. Rightly, it continues to attract policy attention
and debate at the very highest levels. Together with just a handful
of others—economic growth and inequality, financial crisis,
climate change—with all of which it remains inextricably intertwined, only
globalisation among economic phenomena has both effects and causes
observable from outer space. Its impact on the welfare of humanity is
therefore singular. This is even before one considers the sweeping changes
in culture and politics that ever greater global integration both requires
and engenders.
This article cannot hope to cover the massive body of modern thinking that surrounds globalisation.
Instead, what it seeks to do is two-fold: first, flag, with the benefit of hindsight, some of the
key background points that any continuing discussion of globalisation needs to keep in mind; and
second, offer conjecture where the most likely contentious issues in the near future might be.
To keep within space constraints, careful and exhaustive discussion of empirical evidence is omitted.
Instead, just the largest salient facts are provided where needed.